Drillship specialist Pacific Drilling has filed for chapter 11 in the US Bankruptcy Court Southern District of New York.
The Houston-based company says it intends to use the chapter 11 process to pursue a comprehensive restructuring of around $3bn in outstanding funded debt. It has around $350m of cash and cash equivalents as of September 30 and intends to continue operations as usual and to perform and pay all obligations incurred during its Chapter 11 case, subject to court approval.
Paul Reese, CEO of Pacific Drilling, commented: “We enter Chapter 11 with a strong cash position and the dedicated team necessary to continue to deliver the highest quality service to our customers in the safest and most efficient manner. Throughout the Chapter 11 process, we anticipate using our strong cash position to meet all ongoing obligations to our employees, customers, vendors, suppliers and others.”
Pacific Drilling operates a fleet of seven drillships, all built between 2010 and 2014.